According to Kaiko data, USDC now accounts for 56% of stablecoin trading against the euro, up from 10% in January 2024. The shift has been driven by MiCA rules taking effect on June 30, 2024, which led several European platforms to restrict USDT in favor of compliant tokens. USDC was recognized as the European Union’s first significant electronic money token on October 14, 2026, with the European Banking Authority beginning oversight of its reserves and liquidity on November 12, 2026. Coinbase plans to automatically convert USDT and 13 other non-compliant tokens for users in the European Economic Area on or after October 30, 2026. Euro-backed stablecoins remain a minor segment at less than 8% of total euro trading volume, while USDT retains a strong presence in decentralized finance.
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